Question: I need to pull the amount from the Expenses tab onto the Income Statement if the correct expense category is selected from the dropdown on

I need to pull the amount from the Expenses tab onto the Income Statement if the correct expense category is selected from the dropdown on the Expense tab, and have it apply to the correct month. I believe I have the equation correct (SUMPRODUCT/SUMIFS), but it is not pulling the amount from the expense sheet. Is there something missing from my equation? The two criteria are the expense category (i.e. "Total Paycheck Deductions") and the month ("Jan). The cell for the equation is B12.

I need to pull the amount from the Expenses tab onto theIncome Statement if the correct expense category is selected from the dropdown

B D A C E Description Allocation Amount 1 Date 2 25-Jan Social Media Advertising 200.00 W Pay deduction Total Deductions (Paycheck) $ 50.00 4 28-Jan Staples - paper and binders Office Supply 36.25 Total Deductions (Paycheck) 45.10 UT 6 7 14 15 16 17 18 19 20 21 22 24 25 26 27 Income Statement Expenses Mileage + RA=SUMPRODUCT(SUMIFS(Expenses!$D:$D, Expenses!SC:$C,INDIRECT("Total Paycheck Deductions"), Expenses!$A:$A, INDIRECT("Jan"))) B12 X V fx 10 3 5 6 K L M A B C D E F G H Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Gross Revenue 1st Yr Commission Base Tap Enhancement G UI A W N - Additional Tap Bonus Renewals Investment Prod & Svc Management Other Revenue 10 Total: Feb Mar Apr May June July Aug Sept Oct Nov Dec 11 Expenses Jan 12 Total Paycheck Deductions =SUMPRODUCT(SUMIFS(Expenses!$D:$D,Expenses!$C:$C, INDIRECT("Total Paycheck Deductions"),Expenses!$A:$A, INDIRECT("Jan"))) 13 Advertising 14 Meals & Entertainment 15 Bank Charges 16 Interest 17 Dues & Subscriptions 18 Licenses & Fees 19 Legal & Professional Fees 20 Insurance 21 Office Supply 22 Office Equipment 23 Postage 24 Rent 4 Income Statement Income Expenses Mileage +

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!